Wafrah for Industry and Development Company signed a contract worth EUR 9 million with Italy’s Pavan Company, owned by German company GEA, on 21 November 2022, according to a bourse disclosure.

Pavan will supply the Saudi firm with long-cut pasta and nested Nidi pasta lines with a production capacity of 2,100 kilograms per hour (Kg/hr) and 1,000 Kg/hr, respectively.

The 15-month agreement comes in line with Wafrah’s objective to expand and boost its production lines in its different plants.

The Tadawul-listed firm expected that the purchase deal will reflect on its income statements during the first quarter (Q1) of 2024.

Last August, Wafrah inked an EUR 3.97 million contract with GEA Food Solutions.

In the first nine months (9M) of 2022, the Saudi company turned to net profits after Zakat and tax worth SAR 14.19 million, against net losses of SAR 4.51 million in 9M-21.

Revenues amounted to SAR 96.44 million in the January-September 2022 period, higher by 83.04% year-on-year (YoY) than SAR 52.68 million.

The earnings per share (EPS) stood at SAR 1.43 in 9M-22, versus a loss per share of SAR 0.46 in 9M-21.

Meanwhile, the accumulated losses reached SAR 14.48 million as of 30 September 2022, representing 6.26% of the SAR 231.51 million capital.

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